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About less than a month ago, Accenture Invested in Ocean Genomics. Their endeavor is to Accelerate AI-driven Drug Discovery and the Development of Personalized Medicines.
MarketsandMarkets research analysts have estimated that the global AI in drug discovery market in terms of revenue was estimated to be worth $0.6 billion in 2022 and is poised to reach $5.0 billion by 2027, growing at a CAGR of 45.7% from 2022 to 2027. We are delighted by this move of Accenture!
This investment by Accenture could have several impacts on the healthcare industry and the broader economy. Here are 3 potential areas where this investment could have significant impacts:
- Increased demand: AI and data science skills in the healthcare industry have been on the rise, but will get a boost. The use of AI-driven drug discovery and personalized medicine requires a deep understanding of data science, machine learning, and artificial intelligence. As more companies invest in these technologies, there will be an increased demand for skilled professionals who can design, implement, and manage AI-driven solutions in the healthcare industry.
- Accelerated drug discovery and development: The use of AI in drug discovery and development has the potential to significantly accelerate the pace of innovation in the pharmaceutical industry. By analyzing large amounts of data and identifying patterns and correlations, AI can help identify potential drug candidates and predict their effectiveness, reducing the time and cost required for traditional drug discovery and development.
- Improved patient outcomes and personalized medicine: The use of AI-driven personalized medicine has the potential to significantly improve patient outcomes by tailoring treatments to the specific needs and characteristics of individual patients. By analyzing large amounts of genetic and medical data, AI can help identify which treatments are likely to be most effective for each patient, reducing the risk of adverse reactions and improving overall health outcomes.
The use of AI in healthcare will have broader economic impacts, including the creation of new jobs and the development of new industries focused on AI-driven healthcare solutions.
Which other 5 industries which depend upon will get impacted because of this?
Below 5 key industries will increasingly see the impact of this investment and as the use of AI-driven diagnostics increases
- Healthcare providers: Healthcare providers are a key industry that depends on diagnostics, as accurate and timely diagnosis is critical for effective treatment. By accelerating drug discovery and development and improving personalized medicine, the use of AI-driven diagnostics could help healthcare providers deliver more effective treatments and improve patient outcomes.
- Pharmaceutical companies: Pharmaceutical companies rely on diagnostics to develop and market their products. By improving the accuracy and efficiency of diagnostics, AI could help pharmaceutical companies develop more effective drugs and bring them to market more quickly.
- Medical device manufacturers: Medical device manufacturers produce a range of diagnostic devices, from imaging technologies to blood glucose monitors. The use of AI in diagnostics could help medical device manufacturers develop more accurate and reliable diagnostic devices, improving patient outcomes and reducing the cost of care.
- Research institutions: Research institutions rely on diagnostics to study diseases and develop new treatments. The use of AI-driven diagnostics could help researchers analyze large amounts of data and identify new patterns and correlations, accelerating the pace of research and drug development.
- Insurance companies: Insurance companies rely on diagnostics to assess the risk of disease and determine the appropriate level of coverage. By improving the accuracy and efficiency of diagnostics, AI could help insurance companies better assess risk and offer more affordable and personalized coverage to their customers.
Overall, the use of AI-driven diagnostics has the potential to impact a wide range of industries that rely on diagnostics, from healthcare providers and pharmaceutical companies to medical device manufacturers, research institutions, and insurance companies. By improving the accuracy and efficiency of diagnostics, AI could help these industries deliver more effective treatments, accelerate the pace of innovation, and reduce the cost of care.
Top 5 countries which are going to get impacted due to such investments
There is a strong undercurrent that is driving a global change in the medicine world, globally. Here are five countries that could be particularly impacted:
- United States: The United States is a global leader in healthcare and pharmaceuticals, and many of the top healthcare and pharmaceutical companies are based in the US. As such, the investment in AI-driven drug discovery and personalized medicine could have a significant impact on the US healthcare and pharmaceutical industries.
- China: China is one of the foremost market in the global healthcare and pharmaceutical industries. Key players from China would undoubtedly respond to such investments in their own way and with the massive scale that the country’s politburo is capable of executing.
- United Kingdom: The United Kingdom has a strong healthcare and pharmaceutical sector, and any resulting increase in the investments in AI-driven drug discovery and personalized medicines could help UK companies stay competitive in the global market.
- India: India has a large pharmaceutical industry and is home to many generic drug manufacturers.
- Japan: Japan is a global leader in medical device manufacturing and is known for its innovations in healthcare to support its’ ageing population. It is a country which will see seamless adoption of such technologies with fantastic speed.
What will be the impact of such deals in next 5 years at global level?
The investment by Accenture in Ocean Genomics to accelerate AI-driven drug discovery and the development of personalized medicines has the potential to have a significant impact on the healthcare and pharmaceutical industries over the next 5 years at the global level. Here are some potential impacts:
- Accelerated drug discovery: By using AI-powered tools to analyze vast amounts of genomic and other data, it's possible to accelerate the pace of drug discovery. This could lead to the development of new and more effective treatments for a variety of diseases, including cancer and rare genetic disorders.
- Improved accuracy of personalized medicine: AI tools can be used to analyze large datasets to identify patterns that can help predict which treatments are most likely to be effective for individual patients. This can help reduce the trial and error involved in selecting treatments, and could result in better patient outcomes.
- New business models: As the use of AI in drug discovery and personalized medicine becomes more widespread, new business models may emerge. For example, companies may start to specialize in using AI to identify drug candidates, while leaving the actual drug development and commercialization to other firms.
- More targeted clinical trials: AI tools can help identify patient populations that are more likely to respond to a particular drug, which could lead to more targeted and efficient clinical trials. This could reduce the cost and time required to bring new drugs to market.
- Increased collaboration: The use of AI in drug discovery and personalized medicine will require close collaboration between experts in multiple fields, including genomics, data science, and drug development. This could lead to increased collaboration between researchers, companies, and even countries, as they seek to develop more effective treatments.
We expect to see development of new treatments, improved patient outcomes, and new business models. However, there may also be challenges, such as the need to ensure patient data privacy and the risk of AI bias.
How is this going to impact top 5 companies in North America?
- Pfizer: Pfizer is one of the largest pharmaceutical companies in the world, and has been involved in the development of several COVID-19 vaccines. Such investments will help Pfizer develop new treatments for a variety of diseases and stay competitive in the global market.
- Johnson & Johnson: Johnson & Johnson is another major player in the healthcare and pharmaceutical industries, and has a strong focus on innovation. Johnson & Johnson is expected to develop new products and bring them to market at a larger scale than earlier seen.
- Merck: Merck is a global healthcare company with a focus on oncology, vaccines, and infectious diseases. More of such investments will help Merck accelerate the pace of drug discovery and develop new treatments for these and other diseases.
- Roche: Roche is a Swiss pharmaceutical company with a strong focus on oncology and diagnostics. Such investments will help Roche in better treatments for cancer and improve the accuracy of its diagnostic tests.
- UnitedHealth Group: UnitedHealth Group is a diversified healthcare company that includes insurance and care delivery businesses. Such investments will help UnitedHealth Group develop new ways of delivering care and managing patient populations, and stay competitive in the evolving healthcare market.
Overall, we do expect to see significant impact on the top healthcare and pharmaceutical companies in North America. These companies could use AI to develop new treatments more quickly and efficiently, improve patient outcomes, and stay competitive in the global market. However, the pace of adoption and the impact on individual companies may vary.